Wednesday, Jul 04, 2012
DUBAI (Zawya Dow Jones)--Dubai-based Islamic mortgage lender Tamweel has backed out of a $235 million mortgage securitization deal, citing market conditions.
Tamweel had planned to issue an Islamic bond, or sukuk, backed by the company's mortgages, but said in a statement to the Dubai bourse Wednesday that it "has decided not to proceed with the [deal] at this time based on market feedback."
The sukuk received a preliminary "Aa3" rating from Moody's Investors Service last month, and Tamweel met with potential investors in the Middle East, Asia and Europe arranged by Abu Dhabi Commercial Bank, Emirates NBD and UBS.
Tamweel shares closed trading Wednesday 2.4% higher at AED1.26.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
04-07-12 1058GMT
